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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/05/19

It’s a mixed start to the day for the majors. An afternoon rally allowed the majors to avoid yet another day in the red. More support is needed, however.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Back at $400

Bitcoin Cash ABC rallied by 5.34% on Thursday. Reversing most of a 6.82% slide from Wednesday. Bitcoin Cash ABC ended the day at $407.19.

A bearish start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $369.57.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $374.84 and 23.6% FIB of $371 before recovering.

The recovery saw Bitcoin Cash ABC bounce back to a late intraday high $408.

In spite of the rebound, Bitcoin Cash ABC fell short of the first major resistance level at $414.92, while breaking back through the 23.6% FIB of $371.

At the time of writing, Bitcoin Cash ABC was down by 0.72% to $404.25. A positive start to the day saw Bitcoin Cash ABC rise from a morning low $402.93 to a high $409 before easing back.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a hold onto $400 levels would support a move back through to Thursday’s high $408.

Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $420.27.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely come up short of $410 levels on the day.

Failure to hold onto $400 levels could see Bitcoin Cash ABC slide through to $380 levels before any recovery.

Barring a crypto meltdown, the first major support level at $381.84 would likely limit the downside on the day. In the event of a meltdown, a revisit to $360 levels would be likely.

Litecoin Eyeing a move back to the $90s

Litecoin gained 1.48% on Thursday. Partially reversing a 3.87% slide from Wednesday, Litecoin ended the day at $88.95.

Tracking the broader market, Litecoin fell to a late morning intraday low $84.75 before finding support.

The reversal saw Litecoin test the first major support level at $84.72 before rallying to a late intraday high $89.87.

Litecoin fell well short of the first major resistance level at $91.65 before easing back to $88 levels at the day end.

At the time of writing, Litecoin was down by 0.1% to $88.86. A relatively range-bound start to the day saw Litecoin rise from a morning low $88.65 to a high $89.93 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $89.70 levels would bring the first major resistance level at $90.96 into play.

Support from the broader market would be needed, however, for Litecoin to break through to $90 levels.

In the event of a broad-based crypto rally, Litecoin would likely test the second major resistance level at $92.90 before any pullback.

Failure to move through to $89.70 levels could see Litecoin slide deeper into the red before any recovery.

A fall through $87.86 would bring the first major support level at $85.84 into play. Barring a broad-based sell-off, Litecoin would likely steer clear of sub-$85 levels on the day.

Ripple Stuck at sub-$0.40

Ripple’s XRP rose by 2.34% on Thursday. Partially reversing a 6.36% slide from Wednesday, Ripple’s XRP ended the day at $0.38031.

A bearish start to the day saw Ripple’s XRP slide to a mid-morning intraday low $0.35827 before finding support.

Holding above the first major support level at $0.3531, Ripple’s XRP bounced back to a late intraday high $0.38397.

In spite of the bounce back, Ripple’s XRP fell well short of the first major resistance level at $0.4006 on the day. It was only the 2nd time Ripple’s XRP failed to break through to $0.40 levels in 10-days.

At the time of writing, Ripple’s XRP was down by 0.53% to $0.37830. Moves through the early hours saw Ripple’s XRP rise to a morning high $0.38284 before falling to a morning low $0.37677.

Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a hold above $0.3750 levels would support a recovery later in the day. A move back through the morning high $0.38240 would bring the first major resistance level at $0.3898 into play.

Ripple’s XRP would need support from the broader market, however, to take a run at $0.40 levels. Barring a broad-based crypto rebound, Ripple’s XRP will likely come up well short of the second major resistance level at $0.3992.

Failure to hold above $0.3750 levels could see Ripple’s XRP slide deep into the red. A fall through to $0.3720 levels would bring the first major support level at $0.3651 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of sub-$0.35 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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